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Ocugen (OCGN) Financials

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$1.48 +0.01 (+0.34%)
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Annual Income Statements for Ocugen

Annual Income Statements for Ocugen

This table shows Ocugen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -32 -14 -22 -18 -20 -34 -58 -87 -63 -54 -68
Consolidated Net Income / (Loss)		 -32 -16 -26 -18 -20 -22 -58 -87 -63 -54 -68
Net Income / (Loss) Continuing Operations		 -32 -16 -26 -18 -20 -22 -58 -87 -63 -54 -68
Total Pre-Tax Income 		-32 -16 -26 -18 -20 -22 -58 -89 -66 -54 -68
Total Operating Income		 -32 -30 -25 -16 -14 -21 -58 -89 -66 -55 -63
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.04 0.00 2.49 6.04 4.06 4.41
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.04 0.00 2.49 6.04 4.06 4.41
Operating Revenue		 0.00 0.00 0.00 - 0.00 0.04 - 2.49 6.04 4.06 4.41
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 32 30 25 16 14 21 58 92 72 59 67
Selling, General & Admin Expense		 8.27 8.53 9.38 5.82 6.08 7.97 23 35 32 27 28
Research & Development Expense		 23 22 16 10 8.09 13 35 56 40 32 40
Total Other Income / (Expense), net		 -0.22 14 -1.46 -2.08 -6.08 -0.54 -0.39 0.00 0.00 0.70 -4.93
Interest Expense		 0.13 - 0.00 3.75 1.77 0.72 - - - 0.69 5.19
Interest & Investment Income		 - -0.06 0.13 0.02 - - - - - 1.25 0.92
Other Income / (Expense), net		 -0.08 14 -1.60 1.65 -4.31 0.18 -0.39 - - 0.14 -0.66
Basic Earnings per Share		 ($2.42) ($0.97) ($0.99) ($3.67) ($1.46) ($0.31) ($0.30) ($0.40) ($0.26) ($1.00) ($0.23)
Weighted Average Basic Shares Outstanding		 13.23M 14.26M 22.67M 4.96M 13.89M 112.24M 195.01M 214.60M 244.33M 325.74M 300.17M
Diluted Earnings per Share		 ($2.42) ($2.18) ($0.99) ($3.67) ($1.46) ($0.31) ($0.30) ($0.40) ($0.26) ($1.00) ($0.23)
Weighted Average Diluted Shares Outstanding		 13.23M 14.39M 22.67M 4.96M 13.89M 112.24M 195.01M 214.60M 244.33M 325.74M 300.17M
Weighted Average Basic & Diluted Shares Outstanding		 13.23M 22.17M 28.69M 4.96M 13.89M 112.24M 199.49M 226.42M - 292.01M 327.90M

Quarterly Income Statements for Ocugen

This table shows Ocugen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -12 -11 -12 -15 -13 -19 -15 -15 -20 -18 -19
Consolidated Net Income / (Loss)		 -12 -11 -12 -15 -13 -14 -15 -15 -20 -18 -19
Net Income / (Loss) Continuing Operations		 -12 -11 -12 -15 -13 -14 -15 -15 -20 -18 -19
Total Pre-Tax Income 		-12 -12 -12 -15 -13 -14 -15 -15 -20 -18 -19
Total Operating Income		 -12 -12 -12 -15 -13 -14 -15 -14 -18 -17 -18
Total Gross Profit		 3.70 1.41 1.01 1.14 1.14 0.76 1.48 1.37 1.75 -0.19 1.53
Total Revenue		 3.70 1.41 1.01 1.14 1.14 0.76 1.48 1.37 1.75 -0.19 1.53
Operating Revenue		 3.70 1.41 1.01 1.14 1.14 0.76 1.48 1.37 1.75 -0.19 1.53
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 16 13 13 17 14 15 16 15 19 17 19
Selling, General & Admin Expense		 9.08 5.16 6.40 7.69 6.28 6.31 6.45 6.77 8.23 6.13 8.12
Research & Development Expense		 7.05 7.78 6.83 8.90 8.11 8.29 9.53 8.40 11 11 11
Total Other Income / (Expense), net		 0.00 - 0.30 0.17 0.28 - -0.85 -1.06 -2.43 -0.53 -1.34
Interest Expense		 - - - - 0.03 - 1.26 - 1.31 - 1.32
Interest & Investment Income		 - - 0.30 0.17 0.31 - 0.34 -1.06 0.21 2.69 0.13
Other Income / (Expense), net		 - - - - 0.00 - 0.07 - -1.32 - -0.15
Basic Earnings per Share		 ($0.05) ($0.03) ($0.51) ($0.44) ($0.05) ($0.86) ($0.05) ($0.05) ($0.07) ($0.06) ($0.06)
Weighted Average Basic Shares Outstanding		 256.49M 244.33M 257.29M 257.41M 278.17M 325.74M 292.00M 292.07M 304.00M 300.17M 327.54M
Diluted Earnings per Share		 ($0.05) ($0.03) ($0.51) ($0.44) ($0.05) ($0.86) ($0.05) ($0.05) ($0.07) ($0.06) ($0.06)
Weighted Average Diluted Shares Outstanding		 256.49M 244.33M 257.29M 257.41M 278.17M 325.74M 292.00M 292.07M 304.00M 300.17M 327.54M
Weighted Average Basic & Diluted Shares Outstanding		 256.50M 0.00 257.33M 287.86M 291.32M 292.01M 292.03M 292.30M 312.32M 327.90M 338.52M

Annual Cash Flow Statements for Ocugen

This table details how cash moves in and out of Ocugen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -28 0.99 -25 -4.52 5.82 17 71 -18 -38 19 -40
Net Cash From Operating Activities		 -29 -26 -23 -12 -17 -15 -48 -60 -62 -42 -57
Net Cash From Continuing Operating Activities		 -30 -26 -23 -12 -17 -15 -48 -60 -62 -42 -57
Net Income / (Loss) Continuing Operations		 -32 -16 -26 -18 -20 -22 -58 -87 -63 -54 -68
Consolidated Net Income / (Loss)		 -32 -16 -26 -18 -20 -22 -58 -87 -63 -54 -68
Depreciation Expense		 1.61 1.67 1.53 0.05 0.06 0.10 0.23 0.48 0.70 1.97 2.39
Amortization Expense		 - 0.00 0.05 - - - 0.00 -0.10 -0.18 0.02 1.36
Non-Cash Adjustments To Reconcile Net Income		 1.23 -13 2.51 3.16 6.15 8.03 7.71 17 13 5.43 6.43
Changes in Operating Assets and Liabilities, net		 -0.85 1.99 -0.71 3.38 -2.86 -1.02 2.49 9.58 -13 4.50 0.70
Net Cash From Investing Activities		 -1.95 -0.32 -1.23 -0.08 -2.36 -0.31 -1.82 -17 3.08 -3.39 -0.31
Net Cash From Continuing Investing Activities		 -1.95 -0.32 -1.23 -0.08 -2.36 -0.31 -1.82 -17 3.08 -3.39 -0.31
Purchase of Property, Plant & Equipment		 -1.95 -0.32 -0.28 -0.08 -0.03 -0.31 -0.94 -4.46 -10 -3.39 -0.19
Other Investing Activities, net		 - - - - 0.00 0.00 -0.75 0.76 0.00 0.00 -0.13
Net Cash From Financing Activities		 4.37 27 -0.58 7.18 25 32 121 59 21 65 17
Net Cash From Continuing Financing Activities		 4.37 27 -0.58 7.18 25 32 121 59 21 65 17
Repayment of Debt		 -0.41 -0.58 -0.58 -0.10 -5.39 -5.63 0.00 -0.04 -0.07 -0.81 -1.00
Repurchase of Common Equity		 - - - 0.00 -0.05 -1.48 -8.53 -0.55 -0.36 -2.89 -1.53
Issuance of Debt		 - - - 7.30 6.80 0.92 0.00 0.50 0.50 30 0.00
Issuance of Common Equity		 4.74 - 0.00 0.00 1.18 38 129 60 21 39 20
Effect of Exchange Rate Changes		 - - - 0.00 - - 0.00 0.03 -0.01 0.03 0.01

Quarterly Cash Flow Statements for Ocugen

This table details how cash moves in and out of Ocugen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -17 -14 -13 -10 23 20 -21 -11 5.55 -14 13
Net Cash From Operating Activities		 -14 -11 -11 -9.91 -11 -10 -19 -11 -13 -14 -22
Net Cash From Continuing Operating Activities		 -14 -11 -11 -9.91 -11 -10 -19 -11 -13 -14 -22
Net Income / (Loss) Continuing Operations		 -12 -11 -12 -15 -13 -14 -15 -15 -20 -18 -19
Consolidated Net Income / (Loss)		 -12 -11 -12 -15 -13 -14 -15 -15 -20 -18 -19
Depreciation Expense		 0.18 0.18 0.18 0.58 0.61 0.60 0.60 0.93 0.95 -0.40 0.59
Amortization Expense		 - - - - - - 0.31 - - - 0.38
Non-Cash Adjustments To Reconcile Net Income		 -0.37 1.86 2.71 2.77 -1.59 2.17 1.35 0.70 2.01 2.36 2.74
Changes in Operating Assets and Liabilities, net		 -1.79 -2.37 -1.56 2.02 2.68 0.75 -6.27 2.38 4.17 0.42 -6.33
Net Cash From Investing Activities		 -3.37 -2.72 -2.35 -0.51 -0.51 -0.01 -0.10 -0.09 -0.09 -0.04 -0.01
Net Cash From Continuing Investing Activities		 -3.37 -2.72 -2.35 -0.51 -0.51 -0.01 -0.10 -0.09 -0.09 -0.04 -0.01
Purchase of Property, Plant & Equipment		 -3.37 -2.72 -2.35 -0.51 -0.51 -0.01 -0.02 -0.04 -0.09 -0.04 -0.01
Other Investing Activities, net		 - - 0.00 - - - -0.09 -0.05 0.01 - 0.00
Net Cash From Financing Activities		 -0.04 0.02 -0.15 0.05 35 30 -1.25 0.06 19 0.00 35
Net Cash From Continuing Financing Activities		 -0.04 0.02 -0.15 0.05 35 30 -1.25 0.06 19 0.00 35
Repayment of Debt		 - - 0.00 - -2.89 -0.81 -1.00 - - - 0.00
Repurchase of Common Equity		 -0.13 - -0.15 0.05 - - 0.00 0.06 - - -1.78
Issuance of Common Equity		 0.10 0.02 - - - 0.98 0.00 - - 1.53 23
Other Financing Activities, net		 - - - - - - -0.25 - - - 14
Effect of Exchange Rate Changes		 0.01 -0.01 0.01 0.00 -0.01 0.03 -0.01 -0.03 0.05 0.00 0.10

Annual Balance Sheets for Ocugen

This table presents Ocugen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 37 36 11 2.45 17 27 106 109 65 82 44
Total Current Assets		 31 32 8.18 1.94 16 26 103 98 43 62 24
Cash & Equivalents		 31 32 7.08 1.63 7.44 24 95 78 39 59 19
Prepaid Expenses		 0.32 0.17 0.19 0.31 1.32 1.84 7.69 7.56 3.51 3.17 5.77
Plant, Property, & Equipment, net		 5.21 3.86 2.72 0.25 0.22 0.63 1.16 6.05 17 17 14
Total Noncurrent Assets		 0.34 0.14 0.14 0.27 0.82 0.87 1.95 4.09 4.29 4.21 4.78
Other Noncurrent Operating Assets		 - - 0.00 0.27 0.82 0.87 1.95 4.09 4.29 4.21 4.78
Total Liabilities & Shareholders' Equity		 37 36 11 2.45 17 27 106 109 65 82 44
Total Liabilities		 8.59 23 22 15 5.79 5.83 9.94 35 24 53 56
Total Current Liabilities		 6.36 5.17 3.81 14 4.54 3.61 7.00 29 17 22 23
Short-Term Debt		 0.58 0.58 0.18 7.48 0.00 0.23 - - 0.00 1.33 1.25
Accounts Payable		 3.80 1.95 0.78 3.28 1.90 0.40 2.31 8.06 3.17 4.24 6.20
Accrued Expenses		 1.44 2.10 2.71 1.40 2.27 2.94 4.33 20 13 16 15
Other Current Liabilities		 - - - 1.95 0.38 0.04 0.36 0.50 0.57 0.52 0.86
Total Noncurrent Liabilities		 2.23 17 18 1.05 1.25 2.21 2.94 6.12 6.89 31 33
Long-Term Debt		 0.76 0.18 - 1.02 1.07 1.82 1.71 2.29 2.80 27 28
Other Noncurrent Operating Liabilities		 1.02 14 15 0.04 0.17 0.39 1.23 3.83 4.09 3.88 5.10
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 28 14 -11 50 11 22 96 74 41 30 -12
Total Preferred & Common Equity		 28 14 -11 -13 11 22 96 74 41 30 -12
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 28 14 -11 50 11 22 96 74 41 30 -12
Common Stock		 194 195 197 19 63 95 228 297 327 370 396
Retained Earnings		 -166 -182 -208 -31 -51 -73 -132 -223 -286 -340 -408
Treasury Stock		 - - - - -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 - 0.00 - - 0.00 0.03 0.02 0.05 0.06

Quarterly Balance Sheets for Ocugen

This table presents Ocugen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 75 52 41 62 64 54 58 57
Total Current Assets		 57 30 19 41 44 33 38 39
Cash & Equivalents		 53 26 16 39 38 27 33 32
Prepaid Expenses		 3.08 3.62 2.92 1.98 6.16 5.87 5.07 6.70
Plant, Property, & Equipment, net		 14 18 17 17 16 15 15 14
Total Noncurrent Assets		 3.66 4.14 4.45 4.13 4.51 5.27 5.01 4.52
Other Noncurrent Operating Assets		 3.66 4.14 4.45 4.13 4.51 5.27 5.01 4.52
Total Liabilities & Shareholders' Equity		 75 52 41 62 64 54 58 57
Total Liabilities		 16 22 24 21 49 51 54 51
Total Current Liabilities		 11 16 18 16 17 18 20 21
Short-Term Debt		 1.28 1.30 1.31 1.32 0.00 0.00 0.00 5.01
Accounts Payable		 2.92 1.73 3.39 1.49 3.22 4.24 4.57 3.24
Accrued Expenses		 6.40 12 13 12 13 13 15 12
Other Current Liabilities		 0.54 0.59 0.46 0.48 0.74 0.85 0.86 0.85
Total Noncurrent Liabilities		 5.16 5.48 5.64 5.54 32 33 34 30
Long-Term Debt		 1.50 1.53 1.55 1.57 28 28 28 24
Other Noncurrent Operating Liabilities		 3.66 3.95 4.09 3.97 3.99 4.53 5.30 6.20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 58 30 17 41 16 3.05 3.53 5.81
Total Preferred & Common Equity		 58 30 17 41 16 3.05 3.53 5.81
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 58 30 17 41 16 3.05 3.53 5.81
Common Stock		 325 328 330 367 371 373 394 433
Retained Earnings		 -267 -298 -313 -326 -356 -370 -390 -427
Treasury Stock		 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05 -0.05
Accumulated Other Comprehensive Income / (Loss)		 0.03 0.03 0.03 0.02 0.04 0.01 0.06 0.16

Annual Metrics And Ratios for Ocugen

This table displays calculated financial ratios and metrics derived from Ocugen's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 13,273,470.00 15,930,708.00 24,071,029.00 62,025,398.00 16,003,916.00 162,026,473.00 199,185,877.00 218,886,893.00 256,502,434.00 - 312,320,112.00
DEI Adjusted Shares Outstanding		 221,225.00 265,512.00 401,184.00 1,033,757.00 16,003,916.00 162,026,473.00 199,185,877.00 218,886,893.00 256,502,434.00 - 312,320,112.00
DEI Earnings Per Adjusted Shares Outstanding		 -144.76 -52.21 -56.08 -17.62 -1.26 -0.21 -0.29 -0.40 -0.25 - -0.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 142.60% -32.82% 8.83%
EBITDA Growth		 -38.44% 52.21% -72.44% 42.15% -27.53% -14.04% -177.10% -52.42% 26.70% 18.80% -13.67%
EBIT Growth		 -40.90% 49.38% -64.40% 45.43% -27.52% -14.21% -176.84% -52.47% 26.43% 16.44% -16.41%
NOPAT Growth		 2.58% 4.75% 17.68% 35.31% 12.25% -50.29% -172.62% -53.50% 26.43% 16.44% -14.90%
Net Income Growth		 -40.50% 49.39% -62.97% 31.02% -11.11% -7.80% -167.46% -48.73% 27.33% 14.31% -25.52%
EPS Growth		 64.67% 9.92% 54.59% 31.02% 60.22% 78.77% 3.23% -33.33% 35.00% -284.62% 77.00%
Operating Cash Flow Growth		 -63.84% 12.43% 10.55% 49.48% -45.25% 12.93% -225.93% -25.32% -3.29% 32.09% -35.17%
Free Cash Flow Firm Growth		 0.00% 65.71% -98.49% -35.40% 5.69% 51.85% -344.19% -3.42% -42.83% 46.90% -23.64%
Invested Capital Growth		 44.24% -871.99% -10.16% 63.90% 179.60% -109.30% 695.37% -670.14% 126.61% -105.41% -821.80%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -15.17% -13.72% -17.82%
EBITDA Q/Q Growth		 -43.64% 54.56% -175.59% 44.55% 28.34% 34.08% -57.75% -18.40% 20.66% -3.73% -6.12%
EBIT Q/Q Growth		 -41.71% 51.87% -148.93% 45.18% 28.24% 33.93% -57.53% -18.30% 20.43% -4.41% -6.39%
NOPAT Q/Q Growth		 -5.91% 1.33% 6.98% 26.01% -38.28% 33.36% -56.49% -18.30% 20.43% -4.41% -5.28%
Net Income Q/Q Growth		 -40.73% 51.79% -150.25% 33.36% 33.20% -286.21% -22.68% -17.31% 20.66% -5.69% -5.98%
EPS Q/Q Growth		 -106.63% 13.83% -209.38% 33.36% 69.13% -138.46% -25.00% -11.11% 25.71% -488.24% -35.29%
Operating Cash Flow Q/Q Growth		 -7.53% 3.17% 6.40% 11.65% -54.48% 23.27% -21.62% -7.34% 8.29% 2.18% -6.74%
Free Cash Flow Firm Q/Q Growth		 0.00% -170.02% 57.70% -23.52% -349.24% 79.60% -50.74% 4.45% 7.12% -1.11% -16.29%
Invested Capital Q/Q Growth		 -678.35% 55.78% -13.82% 51.22% 117.01% 71.75% 76.89% -263.51% -49.25% -104.38% -207.75%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -48,834.88% 0.00% -3,564.71% -1,077.02% -1,301.82% -1,355.74%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -49,500.00% 0.00% -3,580.02% -1,085.67% -1,350.36% -1,425.70%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -49,072.09% 0.00% -3,580.02% -1,085.67% -1,350.36% -1,440.74%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -50,748.84% 0.00% -3,488.91% -1,045.03% -1,333.02% -1,537.41%
Tax Burden Percent		 99.97% 100.00% 100.00% 100.00% 100.00% 100.00% 99.91% 97.45% 96.26% 98.72% 100.00%
Interest Burden Percent		 100.42% 100.37% 99.50% 125.75% 109.57% 103.42% 100.00% 100.00% 100.00% 100.00% 106.71%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -707.06% 0.00% 0.00% 0.00% -2,076.94% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -658.23% 0.00% 0.00% 0.00% -2,029.65% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 573.05% 0.00% 0.00% 0.00% 1,922.93% 0.00%
Return on Equity (ROE)		 -77.72% -77.62% -2,297.87% -94.66% -66.61% -134.01% -99.46% -102.24% -110.14% -154.01% -776.89%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% -438.99% 0.00% -1,696.10% 0.00% -1,651.40% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -95.52% 0.00% -83.09% -75.68% -74.50% -100.95%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -98.78% 0.00% -80.98% -72.85% -73.55% -107.73%
Return on Common Equity (ROCE)		 -77.72% -77.62% -2,297.87% -94.66% -66.61% -134.01% -99.46% -102.24% -110.13% -154.01% -776.89%
Return on Equity Simple (ROE_SIMPLE)		 -113.57% -119.47% 234.42% 143.35% -183.72% -101.26% -60.91% -117.33% -155.50% -182.42% 0.00%
Net Operating Profit after Tax (NOPAT)		 -22 -21 -17 -11 -9.91 -15 -41 -62 -46 -38 -44
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -34,650.00% 0.00% -2,506.02% -759.97% -945.25% -997.99%
Net Nonoperating Expense Percent (NNEP)		 -22.51% 17.28% -54.00% -22.88% -33.33% -48.83% -30.80% -26.89% -27.46% -47.29% -242.63%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -105.78% -65.74% -264.89%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 18,544.19% 0.00% 1,422.83% 530.05% 658.10% 624.95%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 31,055.81% 0.00% 2,257.19% 655.62% 792.26% 900.75%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 49,600.00% 0.00% 3,680.02% 1,185.67% 1,450.36% 1,525.70%
Earnings before Interest and Taxes (EBIT)		 -32 -16 -27 -14 -18 -21 -58 -89 -66 -55 -64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -30 -14 -25 -14 -18 -21 -58 -89 -65 -53 -60
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.65 1.96 0.00 0.11 0.76 13.76 9.46 3.85 3.64 7.91 0.00
Price to Tangible Book Value (P/TBV)		 1.66 1.96 0.00 0.11 0.76 13.76 9.46 3.85 3.64 7.91 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 6,895.55 0.00 114.37 24.43 57.83 95.54
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.42 0.00 316.12 0.00 28.40 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 6,384.34 0.00 78.74 18.36 50.47 97.86
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.06 -0.02 0.17 0.10 0.10 0.02 0.03 0.07 0.97 -2.37
Long-Term Debt to Equity		 0.03 0.01 0.00 0.02 0.10 0.08 0.02 0.03 0.07 0.92 -2.26
Financial Leverage		 -1.05 -1.39 -14.42 -1.57 -1.02 -0.87 -0.98 -1.07 -1.09 -0.95 -1.12
Leverage Ratio		 1.24 1.74 20.49 0.35 0.32 1.36 1.13 1.26 1.51 2.09 7.21
Compound Leverage Factor		 1.25 1.75 20.39 0.44 0.35 1.40 1.13 1.26 1.51 2.09 7.70
Debt to Total Capital		 4.55% 5.31% -1.61% 14.59% 8.87% 8.71% 1.76% 3.00% 6.46% 49.18% 173.17%
Short-Term Debt to Total Capital		 1.97% 4.07% -1.61% 12.84% 0.00% 0.99% 0.00% 0.00% 0.00% 2.27% 7.52%
Long-Term Debt to Total Capital		 2.58% 1.24% 0.00% 1.75% 8.87% 7.72% 1.76% 3.00% 6.46% 46.90% 165.66%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 95.45% 94.69% 101.61% 85.41% 91.13% 91.29% 98.24% 97.00% 93.54% 50.82% -73.17%
Debt to EBITDA		 -0.04 -0.05 -0.01 -0.59 -0.06 -0.10 -0.03 -0.03 -0.04 -0.54 -0.48
Net Debt to EBITDA		 0.98 2.15 0.31 -0.48 0.35 1.05 1.60 1.00 0.56 0.57 -0.17
Long-Term Debt to EBITDA		 -0.03 -0.01 0.00 -0.07 -0.06 -0.09 -0.03 -0.03 -0.04 -0.52 -0.46
Debt to NOPAT		 -0.06 -0.04 -0.01 -0.75 -0.11 -0.14 -0.04 -0.04 -0.06 -0.75 -0.65
Net Debt to NOPAT		 1.33 1.47 0.45 -0.61 0.64 1.48 2.30 1.42 0.80 0.78 -0.23
Long-Term Debt to NOPAT		 -0.03 -0.01 0.00 -0.09 -0.11 -0.12 -0.04 -0.04 -0.06 -0.71 -0.63
Altman Z-Score		 -5.11 -6.93 -32.55 -43.03 -6.25 25.22 52.21 0.14 -5.29 -4.67 -13.27
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.91 6.20 2.15 0.14 3.47 7.16 14.66 3.45 2.51 2.86 1.06
Quick Ratio		 4.86 6.17 2.10 0.12 1.64 6.65 13.57 3.19 2.31 2.71 0.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -23 -8.05 -16 -22 -20 -9.82 -44 -45 -64 -34 -42
Operating Cash Flow to CapEx		 -1,507.95% -8,042.50% -8,340.58% -15,023.82% -56,310.00% -4,791.21% -5,105.54% -1,347.97% -592.34% -1,244.96% -30,791.35%
Free Cash Flow to Firm to Interest Expense		 -176.48 0.00 0.00 -5.77 -11.54 -13.62 0.00 0.00 0.00 0.00 -8.15
Operating Cash Flow to Interest Expense		 -220.98 0.00 0.00 -3.10 -9.55 -20.40 0.00 0.00 0.00 0.00 -10.98
Operating Cash Flow Less CapEx to Interest Expense		 -235.63 0.00 0.00 -3.12 -9.57 -20.83 0.00 0.00 0.00 0.00 -11.02
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.07 0.06 0.07
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.10 0.00 0.69 0.52 0.24 0.29
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -1.51 -15 -16 -5.84 4.65 -0.43 2.57 -15 3.90 -0.21 -1.95
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.02 0.00 -0.41 -1.12 2.20 -4.09
Increase / (Decrease) in Invested Capital		 1.20 -13 -1.49 10 10 -5.08 3.00 -17 19 -4.11 -1.73
Enterprise Value (EV)		 17 -4.54 42 12 1.95 275 813 196 111 205 432
Market Capitalization		 46 27 49 5.48 8.32 297 906 285 147 235 422
Book Value per Share		 $2.12 $0.85 ($0.47) $0.80 $0.69 $0.13 $0.48 $0.34 $0.16 $0.10 ($0.04)
Tangible Book Value per Share		 $2.11 $0.85 ($0.47) $0.80 $0.69 $0.13 $0.48 $0.34 $0.16 $0.10 ($0.04)
Total Capital		 30 14 -11 58 12 24 98 76 43 58 17
Total Debt		 1.34 0.76 0.18 8.50 1.07 2.06 1.71 2.29 2.80 29 29
Total Long-Term Debt		 0.76 0.18 0.00 1.02 1.07 1.82 1.71 2.29 2.80 27 28
Net Debt		 -30 -31 -7.80 6.87 -6.37 -22 -93 -89 -37 -30 10
Capital Expenditures (CapEx)		 1.95 0.32 0.28 0.08 0.03 0.31 0.94 4.46 10 3.39 0.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5.46 -4.42 -3.43 -6.31 3.78 -1.54 0.69 -21 -14 -17 -16
Debt-free Net Working Capital (DFNWC)		 25 27 4.55 -4.68 11 22 96 70 26 41 2.55
Net Working Capital (NWC)		 25 27 4.37 -12 11 22 96 70 26 40 1.30
Net Nonoperating Expense (NNE)		 9.75 -5.01 8.95 6.92 10 6.92 18 24 17 16 24
Net Nonoperating Obligations (NNO)		 -30 -28 -4.90 -56 -6.37 -22 -93 -89 -37 -30 10
Total Depreciation and Amortization (D&A)		 1.61 1.67 1.59 0.05 0.06 0.10 0.23 0.38 0.52 1.97 3.75
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% -3,583.72% 0.00% -842.97% -224.98% -421.55% -363.11%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 52,320.93% 0.00% 2,811.94% 428.79% 1,021.46% 57.72%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 51,776.74% 0.00% 2,811.94% 428.79% 988.75% 29.39%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($145.20) ($58.20) ($59.40) ($13.80) ($1.46) ($0.31) ($0.30) ($0.38) ($0.26) ($1.00) ($0.23)
Adjusted Weighted Average Basic Shares Outstanding		 221.24K 237.62K 377.83K 606.64K 52.63M 188.09M 195.01M 214.60M 244.33M 325.74M 300.17M
Adjusted Diluted Earnings per Share		 ($145.20) ($130.80) ($59.40) ($47.40) ($1.46) ($0.31) ($0.30) ($0.38) ($0.26) ($1.00) ($0.23)
Adjusted Weighted Average Diluted Shares Outstanding		 221.24K 239.82K 377.83K 618.17K 52.63M 188.09M 195.01M 214.60M 244.33M 325.74M 300.17M
Adjusted Basic & Diluted Earnings per Share		 ($145.20) ($58.20) $0.00 ($13.80) ($1.46) ($0.31) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 220.52K 369.47K 478.12K 1.58M 13.89M 112.24M 199.49M 226.42M 0.00 292.01M 327.90M
Normalized Net Operating Profit after Tax (NOPAT)		 -22 -21 -17 -11 -9.91 -15 -41 -62 -46 -38 -44
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -34,650.00% 0.00% -2,506.02% -759.97% -945.25% -997.99%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% -50,748.84% 0.00% -3,580.02% -1,085.67% -1,350.36% -1,537.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -239.86 0.00 0.00 -3.86 -10.45 -29.27 0.00 0.00 0.00 0.00 -12.26
NOPAT to Interest Expense		 -167.47 0.00 0.00 -3.01 -5.61 -20.67 0.00 0.00 0.00 0.00 -8.49
EBIT Less CapEx to Interest Expense		 -254.52 0.00 0.00 -3.88 -10.47 -29.69 0.00 0.00 0.00 0.00 -12.29
NOPAT Less CapEx to Interest Expense		 -182.12 0.00 0.00 -3.03 -5.62 -21.09 0.00 0.00 0.00 0.00 -8.52
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% -0.24% -6.77% -14.61% -0.63% -0.56% -5.34% -2.25%

Quarterly Metrics And Ratios for Ocugen

This table displays calculated financial ratios and metrics derived from Ocugen's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 256,488,914.00 256,502,434.00 256,502,434.00 257,328,085.00 287,857,769.00 - 292,014,470.00 292,031,295.00 292,304,736.00 312,320,112.00 327,897,296.00
DEI Adjusted Shares Outstanding		 256,488,914.00 256,502,434.00 256,502,434.00 257,328,085.00 287,857,769.00 - 292,014,470.00 292,031,295.00 292,304,736.00 312,320,112.00 327,897,296.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.05 -0.04 -0.05 -0.06 -0.05 - -0.05 -0.05 -0.07 -0.06 -0.06
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% -43.37% 128.89% 135.26% -69.29% -45.78% 46.06% 20.33% 54.23% -125.26% 3.51%
EBITDA Growth		 46.67% 59.88% 33.14% 36.46% -3.13% -16.71% -12.38% 13.47% -42.38% -31.34% -25.84%
EBIT Growth		 46.23% 59.35% 32.27% 34.37% -6.60% -20.09% -18.17% 10.71% -42.96% -22.80% -24.61%
NOPAT Growth		 46.23% 59.35% 32.27% 34.37% -6.60% -20.09% -18.71% 10.71% -33.00% -22.80% -23.02%
Net Income Growth		 46.55% 59.95% 31.18% 33.75% -10.69% -26.53% -28.73% 3.54% -54.60% -27.56% -24.93%
EPS Growth		 50.00% 75.00% -537.50% -340.00% 0.00% -2,766.67% 90.20% 88.64% -40.00% 0.00% -20.00%
Operating Cash Flow Growth		 4.17% 33.18% 41.91% 47.30% 17.76% 8.30% -82.70% -8.26% -14.58% -34.71% -12.59%
Free Cash Flow Firm Growth		 -90.97% -920.01% -26.95% 31.02% 68.62% 79.07% 33.55% 22.70% -7.43% -82.29% -6.83%
Invested Capital Growth		 290.60% 126.61% 382.05% 67.47% -37.30% -105.41% -13.88% -0.59% -113.11% -821.80% -45.63%
Revenue Q/Q Growth		 662.68% -61.91% -28.03% 12.52% -0.44% -32.75% 93.85% -7.29% 27.60% -111.02% 894.30%
EBITDA Q/Q Growth		 47.64% 7.41% -6.09% -23.54% 15.02% -4.77% -2.15% 5.33% -39.84% 3.35% 2.13%
EBIT Q/Q Growth		 47.19% 7.29% -6.00% -26.47% 14.23% -4.44% -4.31% 4.87% -37.33% 10.29% -5.85%
NOPAT Q/Q Growth		 47.19% 7.29% -6.00% -26.47% 14.22% -4.44% -4.78% 4.87% -27.76% 3.57% -4.97%
Net Income Q/Q Growth		 49.20% 6.38% -8.70% -28.14% 15.12% -7.02% -10.59% 3.98% -36.04% 11.70% -8.31%
EPS Q/Q Growth		 50.00% 40.00% -1,600.00% 13.73% 88.64% -1,620.00% 0.00% 0.00% -40.00% 14.29% 0.00%
Operating Cash Flow Q/Q Growth		 27.12% 17.54% 6.26% 6.46% -13.73% 8.06% -86.77% 44.57% -20.37% -8.09% -56.11%
Free Cash Flow Firm Q/Q Growth		 -13.06% -30.40% 47.91% 10.18% 48.57% 13.00% -65.36% -4.49% 28.53% -47.61% 3.09%
Invested Capital Q/Q Growth		 214.99% -49.25% 72.09% -39.12% 17.93% -104.38% 2,840.76% -29.73% -115.55% -207.75% 261.65%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 100.00%
EBITDA Margin		 -331.28% -805.25% -1,187.08% -1,303.33% -1,112.50% -1,733.25% -913.37% -937.22% -1,027.05% 0.00% -1,110.37%
Operating Margin		 -336.06% -817.96% -1,204.73% -1,353.99% -1,166.55% -1,811.52% -979.14% -1,004.73% -1,005.99% 0.00% -1,163.67%
EBIT Margin		 -336.06% -817.96% -1,204.73% -1,353.99% -1,166.46% -1,811.52% -974.75% -1,004.73% -1,081.28% 0.00% -1,173.45%
Profit (Net Income) Margin		 -316.76% -778.57% -1,175.94% -1,339.18% -1,141.73% -1,816.75% -1,036.46% -1,073.49% -1,144.46% 0.00% -1,250.95%
Tax Burden Percent		 94.26% 95.18% 100.08% 100.03% 100.00% 100.29% 100.00% 99.23% 100.00% 101.02% 100.00%
Interest Burden Percent		 100.00% 100.00% 97.53% 98.88% 97.88% 100.00% 106.33% 107.67% 105.84% 103.13% 106.60%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -915.88% 0.00% -1,374.39% -2,108.69% -613.58% -2,786.23% -495.98% -820.30% -1,805.46% 0.00% -814.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 -911.86% 0.00% -1,367.50% -2,097.62% -605.04% -2,773.63% -465.10% -734.36% -1,766.86% 0.00% -710.25%
Return on Net Nonoperating Assets (RNNOA)		 890.17% 0.00% 1,262.96% 1,940.57% 528.61% 2,627.79% 339.21% 434.72% 1,599.27% 0.00% 418.32%
Return on Equity (ROE)		 -25.70% -110.14% -111.43% -168.11% -84.97% -158.45% -156.76% -385.59% -206.19% -776.89% -396.52%
Cash Return on Invested Capital (CROIC)		 -902.25% -1,651.40% -1,162.32% -1,157.35% -541.03% 0.00% -624.06% -950.63% 0.00% 0.00% -979.92%
Operating Return on Assets (OROA)		 -25.05% -57.02% -107.50% -151.86% -80.26% -99.95% -75.83% -101.48% -97.15% 0.00% -86.34%
Return on Assets (ROA)		 -23.61% -54.27% -104.93% -150.19% -78.55% -100.24% -80.63% -108.43% -102.83% 0.00% -92.04%
Return on Common Equity (ROCE)		 -25.70% -110.13% -111.43% -168.11% -84.97% -158.45% -156.76% -385.59% -206.19% -776.89% -396.52%
Return on Equity Simple (ROE_SIMPLE)		 -136.14% 0.00% -190.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -8.70 -8.07 -8.55 -11 -9.28 -9.69 -10 -9.66 -12 -12 -12
NOPAT Margin		 -235.24% -572.57% -843.31% -947.79% -816.58% -1,268.06% -685.40% -703.31% -704.20% 0.00% -814.57%
Net Nonoperating Expense Percent (NNEP)		 -4.02% -4.63% -6.89% -11.07% -8.54% -12.61% -30.88% -85.95% -38.59% -59.21% -104.59%
Return On Investment Capital (ROIC_SIMPLE)		 - -18.60% -25.84% -54.66% -21.32% -16.62% -23.29% -31.07% -38.64% -71.55% -35.68%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 245.53% 365.86% 631.56% 673.79% 552.82% 826.44% 435.72% 492.79% 469.63% 0.00% 529.48%
R&D to Revenue		 190.54% 552.09% 673.18% 780.19% 713.73% 1,085.08% 643.42% 611.94% 636.36% 0.00% 734.18%
Operating Expenses to Revenue		 436.06% 917.96% 1,304.73% 1,453.99% 1,266.55% 1,911.52% 1,079.14% 1,104.73% 1,105.99% 0.00% 1,263.67%
Earnings before Interest and Taxes (EBIT)		 -12 -12 -12 -15 -13 -14 -14 -14 -19 -17 -18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -12 -11 -12 -15 -13 -13 -14 -13 -18 -17 -17
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.76 3.64 13.90 23.56 7.03 7.91 12.96 92.85 134.86 0.00 102.24
Price to Tangible Book Value (P/TBV)		 1.76 3.64 13.90 23.56 7.03 7.91 12.96 92.85 134.86 0.00 102.24
Price to Revenue (P/Rev)		 14.42 24.43 63.67 54.92 60.77 57.83 45.61 59.61 88.73 95.54 132.92
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 6.75 28.40 59.14 94.43 51.82 0.00 33.91 69.98 0.00 0.00 187.92
Enterprise Value to Revenue (EV/Rev)		 7.29 18.36 60.11 53.15 53.15 50.47 43.37 59.82 87.95 97.86 132.33
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.07 0.09 0.17 0.07 0.97 1.74 9.18 8.04 -2.37 5.03
Long-Term Debt to Equity		 0.03 0.07 0.05 0.09 0.04 0.92 1.74 9.18 8.04 -2.26 4.17
Financial Leverage		 -0.98 -1.09 -0.92 -0.93 -0.87 -0.95 -0.73 -0.59 -0.91 -1.12 -0.59
Leverage Ratio		 1.24 1.51 1.40 1.49 1.38 2.09 2.52 4.71 2.71 7.21 5.59
Compound Leverage Factor		 1.24 1.51 1.36 1.47 1.35 2.09 2.68 5.07 2.86 7.44 5.96
Debt to Total Capital		 4.53% 6.46% 8.55% 14.45% 6.63% 49.18% 63.49% 90.18% 88.94% 173.17% 83.41%
Short-Term Debt to Total Capital		 2.09% 0.00% 3.92% 6.60% 3.02% 2.27% 0.00% 0.00% 0.00% 7.52% 14.30%
Long-Term Debt to Total Capital		 2.44% 6.46% 4.63% 7.84% 3.61% 46.90% 63.49% 90.18% 88.94% 165.66% 69.11%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 95.47% 93.54% 91.45% 85.55% 93.37% 50.82% 36.51% 9.82% 11.06% -73.17% 16.59%
Debt to EBITDA		 -0.03 -0.04 -0.05 -0.06 -0.06 -0.54 -0.51 -0.54 -0.50 -0.48 -0.46
Net Debt to EBITDA		 0.62 0.56 0.40 0.25 0.70 0.57 0.19 -0.02 0.07 -0.17 0.04
Long-Term Debt to EBITDA		 -0.02 -0.04 -0.03 -0.03 -0.03 -0.52 -0.51 -0.54 -0.50 -0.46 -0.38
Debt to NOPAT		 -0.05 -0.06 -0.07 -0.08 -0.08 -0.75 -0.69 -0.72 -0.68 -0.65 -0.63
Net Debt to NOPAT		 0.88 0.80 0.56 0.36 0.98 0.78 0.25 -0.03 0.10 -0.23 0.06
Long-Term Debt to NOPAT		 -0.03 -0.06 -0.04 -0.04 -0.04 -0.71 -0.69 -0.72 -0.68 -0.63 -0.52
Altman Z-Score		 -0.94 -2.53 3.34 -1.75 0.52 -3.03 -5.34 -6.74 -4.83 -9.74 -4.13
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.08 2.51 1.87 1.04 2.58 2.86 2.60 1.83 1.85 1.06 1.86
Quick Ratio		 4.80 2.31 1.64 0.87 2.46 2.71 2.24 1.50 1.60 0.81 1.54
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -20 -27 -14 -12 -6.41 -5.58 -9.22 -9.63 -6.88 -10 -9.85
Operating Cash Flow to CapEx		 -407.31% -415.21% -450.47% -1,931.97% -2,223.27% -79,723.08% -120,981.25% -24,953.49% -14,193.41% -39,888.57% -363,233.33%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -220.98 0.00 -7.33 0.00 -5.24 0.00 -7.46
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 -388.69 0.00 -15.40 0.00 -9.83 0.00 -16.51
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -406.17 0.00 -15.41 0.00 -9.90 0.00 -16.52
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.09 0.11 0.07 0.06 0.08 0.10 0.09 0.07 0.07
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.75 0.52 0.52 0.50 0.30 0.24 0.27 0.29 0.33 0.29 0.30
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7.69 3.90 6.72 4.09 4.82 -0.21 5.78 4.06 -0.63 -1.95 3.14
Invested Capital Turnover		 3.89 -1.12 1.63 2.22 0.75 2.20 0.72 1.17 2.56 -4.09 1.00
Increase / (Decrease) in Invested Capital		 12 19 5.32 1.65 -2.87 -4.11 -0.93 -0.02 -5.45 -1.73 -2.64
Enterprise Value (EV)		 52 111 397 386 250 205 196 284 472 432 591
Market Capitalization		 103 147 421 399 286 235 206 283 476 422 593
Book Value per Share		 $0.23 $0.16 $0.12 $0.07 $0.14 $0.10 $0.05 $0.01 $0.01 ($0.04) $0.02
Tangible Book Value per Share		 $0.23 $0.16 $0.12 $0.07 $0.14 $0.10 $0.05 $0.01 $0.01 ($0.04) $0.02
Total Capital		 61 43 33 20 44 58 44 31 32 17 35
Total Debt		 2.77 2.80 2.83 2.86 2.89 29 28 28 28 29 29
Total Long-Term Debt		 1.50 2.80 1.53 1.55 1.57 27 28 28 28 28 24
Net Debt		 -51 -37 -24 -13 -36 -30 -10 1.01 -4.17 10 -2.66
Capital Expenditures (CapEx)		 3.37 2.72 2.35 0.51 0.51 0.01 0.02 0.04 0.09 0.04 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.78 -14 -11 -14 -12 -17 -11 -12 -15 -16 -9.01
Debt-free Net Working Capital (DFNWC)		 47 26 15 1.95 26 41 27 15 17 2.55 23
Net Working Capital (NWC)		 45 26 14 0.65 25 40 27 15 17 1.30 18
Net Nonoperating Expense (NNE)		 3.02 2.90 3.37 4.47 3.69 4.19 5.20 5.08 7.71 5.81 6.69
Net Nonoperating Obligations (NNO)		 -51 -37 -24 -13 -36 -30 -10 1.01 -4.17 10 -2.66
Total Depreciation and Amortization (D&A)		 0.18 0.18 0.18 0.58 0.61 0.60 0.91 0.93 0.95 -0.40 0.97
Debt-free, Cash-free Net Working Capital to Revenue		 -95.28% -224.98% -168.47% -189.26% -265.30% -421.55% -237.11% -254.92% -284.67% -363.11% -201.72%
Debt-free Net Working Capital to Revenue		 656.33% 428.79% 230.73% 26.86% 558.02% 1,021.46% 598.81% 313.29% 321.75% 57.72% 511.71%
Net Working Capital to Revenue		 638.40% 428.79% 211.11% 8.88% 530.02% 988.75% 598.81% 313.29% 321.75% 29.39% 399.62%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.06) ($0.03) ($0.05) ($0.04) ($0.05) ($0.86) ($0.05) ($0.05) ($0.07) ($0.06) ($0.06)
Adjusted Weighted Average Basic Shares Outstanding		 256.49M 244.33M 257.23M 257.35M 278.17M 325.74M 292.00M 292.07M 304.00M 300.17M 327.54M
Adjusted Diluted Earnings per Share		 ($0.06) ($0.03) ($0.05) ($0.04) ($0.05) ($0.86) ($0.05) ($0.05) ($0.07) ($0.06) ($0.06)
Adjusted Weighted Average Diluted Shares Outstanding		 256.49M 244.33M 257.23M 257.35M 278.17M 325.74M 292.00M 292.07M 304.00M 300.17M 327.54M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 256.50M 0.00 257.33M 287.86M 291.32M 292.01M 292.03M 292.30M 312.32M 327.90M 338.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.70 -8.07 -8.55 -11 -9.28 -9.69 -10 -9.66 -12 -12 -12
Normalized NOPAT Margin		 -235.24% -572.57% -843.31% -947.79% -816.58% -1,268.06% -685.40% -703.31% -704.20% 0.00% -814.57%
Pre Tax Income Margin		 -336.06% -817.96% -1,174.95% -1,338.83% -1,141.73% -1,811.52% -1,036.46% -1,081.79% -1,144.46% 0.00% -1,250.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 -456.93 0.00 -11.48 0.00 -14.42 0.00 -13.63
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 -319.88 0.00 -8.08 0.00 -9.39 0.00 -9.46
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -474.41 0.00 -11.50 0.00 -14.49 0.00 -13.63
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -337.36 0.00 -8.09 0.00 -9.46 0.00 -9.46
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.76% -0.56% -0.57% -0.47% 0.00% -5.34% -4.77% -5.22% 0.00% -2.25% -4.61%

Financials Breakdown Chart

Key Financial Trends

Ocugen’s latest quarter shows a company still burning cash, but with some encouraging signs in revenue growth and liquidity. In Q1 2026, Ocugen reported revenue of $1.5 million, up from $1.4 million in Q1 2025 and $0.8 million in Q4 2024, but the business remains far from profitability. The company posted a net loss of $19.2 million for the quarter, wider than the $15.4 million loss in Q1 2025.

Cash increased sharply this quarter, ending Q1 2026 at $31.9 million versus $25.7 million a year earlier and $27.0 million in Q2 2025. That improvement came largely from financing activity, including $22.5 million of common equity issuance and $14.3 million of other financing inflows. However, operating cash flow was still deeply negative at -$21.8 million, which means the company continues to rely on outside funding to support operations.

Over the last four years, the trend is clear: Ocugen has steadily increased operating expenses and continued to post quarterly losses, while revenue has remained relatively small and uneven. The balance sheet still shows meaningful liabilities, including $24.2 million of long-term debt and $20.7 million of current liabilities.

  • Revenue improved year over year in Q1 2026, rising to $1.53 million from $1.48 million in Q1 2025.
  • Cash and equivalents rose to $31.9 million, giving the company more near-term liquidity than a year ago.
  • Operating capital improved this quarter, with changes in operating assets and liabilities helping partially offset losses.
  • Ocugen continues to invest in R&D, with Q1 2026 R&D spending of $11.3 million, suggesting ongoing development activity.
  • Quarterly revenue remains very small relative to the company’s cost structure, so scale is still limited.
  • Gross profit was equal to revenue because cost of revenue was reported at zero, so the main pressure remains operating expenses.
  • Long-term debt remains significant at $24.2 million, which adds financial risk if losses continue.
  • Operating losses remain large, with Q1 2026 operating loss at $17.8 million.
  • Operating cash flow was negative at $21.8 million, indicating the business is still consuming cash.
  • Share count has been rising over time, with weighted average basic shares increasing from about 257.3 million in Q1 2024 to 327.5 million in Q1 2026, which can dilute existing shareholders.

Bottom line: Ocugen’s financials still look speculative. The company has enough cash for now and showed some improvement in revenue and cash balance, but persistent losses, negative operating cash flow, and reliance on equity financing remain the biggest concerns for investors.

07/10/26 02:33 PM ETAI Generated. May Contain Errors.

Ocugen Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ocugen's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ocugen's net income appears to be on an upward trend, with a most recent value of -$67.85 million in 2025, rising from -$32.02 million in 2015. The previous period was -$54.05 million in 2024. See Ocugen's forecast for analyst expectations on what's next for the company.

Ocugen's total operating income in 2025 was -$62.92 million, based on the following breakdown:
  • Total Gross Profit: $4.41 million
  • Total Operating Expenses: $67.33 million

Over the last 10 years, Ocugen's total revenue changed from $0.00 in 2015 to $4.41 million in 2025, a change of 441,300,000.0%.

Ocugen's total liabilities were at $55.68 million at the end of 2025, a 5.4% increase from 2024, and a 548.4% increase since 2015.

In the past 10 years, Ocugen's cash and equivalents has ranged from $1.63 million in 2018 to $94.96 million in 2021, and is currently $18.57 million as of their latest financial filing in 2025.

Over the last 10 years, Ocugen's book value per share changed from 2.12 in 2015 to -0.04 in 2025, a change of -101.8%.


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Financial statements for NASDAQ:OCGN last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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